The BBA is now integrated into UK Finance. Please go to www.ukfinance.org.uk for new content and updates from UK Finance.
Material published by BBA prior to 1st July 2017 is still available on this website.
From 1 July 2017, the finance and banking industry operating in the UK will be represented by a new trade association, UK Finance. It will represent around 300 firms in the UK providing credit, banking, markets and payment-related services. The new organisation will take on most of the activities previously carried out by the Asset Based Finance Association, the British Bankers’ Association, the Council of Mortgage Lenders, Financial Fraud Action UK, Payments UK and the UK Cards Association.x
Invitation to comment
Having reviewed the banking SORPs, we have concluded that the only changes needed at this stage are revisions to the Derivatives SORP to:
We have not taken any account of IAS 39 ‘Financial Instruments: Measurement and Recognition’ as there are many outstanding issues concerning the application of the standard, including whether it provides an appropriate axis on which to base harmonised international accounting post-2005. Nor has any account been taken of the proposals set out in the consultation paper on the Joint Working Group’s proposals ‘Financial Instruments and Similar Items’. Both are still the subject of discussion and their relevance or otherwise to UK GAAP has not yet been established. We have also not sought to preempt the discussion taking place within the industry on the need for enhanced credit disclosures and disclosures expected to result from the consultation exercise on Pillar 3 of the revised Basel Capital Accord.
Within this context, your comments are particularly invited on the following aspects of the proposed text:
Your comments are invited – by 17 August 2001 – and should be sent by e-mail to email@example.com.
In the event that e-mail is unavailable comments can be sent by post or fax to:
British Bankers’ Association
105 – 108 Old Broad Street
London EC2N 1EX
Fax: + 44 (0)20 7216 4365
All replies will be regarded as being on the public record unless confidentiality is specifically requested.
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